Strong performance in complex generics, ongoing biosimilar uptake and successful new product launches all provided a boost to Amneal Pharmaceuticals, Inc.’s off-patent unit during Q3, the company has reported. The generics segment ultimately grew by 12% annually, bringing in $390.8m, compared to $350.2m during Q3 2022.
Key takeaways:
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Amneal’s generics unit brought in over $390m during the third quarter of 2023, representing 13% annual growth, as a result of the firm’s continued shift toward complex generic products, biosimilar uptake and successful launches of new products
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This year, the firm is on track for 40 new launches
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The company is aiming to become one of the top five suppliers of injectable drugs in the US, currently boasting 35 commercial injectables with 25 new launches planned for 2025
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Amneal’s three biosimilars also continue to see strong uptake, with Alymsys
Ahead of its earnings report, Amneal had raised its 2023 guidance for a second time this year, anticipating annual net revenue between $2.37bn to $2.42bn compared to Q2’s forecast of $2.3bn to $2.4bn
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